Dangote Petroleum Starts IPO Subscription at $47 Billion Valuation

Dangote Petroleum has started its initial public offering (IPO) subscription with an estimated enterprise value of around $47 billion (approximately 63 trillion won). The offering, which is being evaluated as the largest IPO in Africa, will see the company offer 4.1 billion ordinary shares at NGN 525 per share to raise approximately $160 million (about 215 billion won). Subscription closes on October 13.

The official Dangote Petroleum IPO website states that individual investors from Nigeria may subscribe for a minimum of 10 shares, with the minimum subscription amount set at NGN 5,250.